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Blog“It’s Just Made Up Money”
Kevin Drum has excised another section of the now-famous leaked fundraiser video, and this time the GOP challenger is holding forth on quantitative easing and other subjects. Drum picks on Romney’s specific claim that the government is buying three-quarters of US treasury debt, but there’s something in this quotation that’s more fundamentally off: We’re living [...] -
Blog
The Collapse of a Nation
We’re seeing a lot of “is the euro crisis over?” stories pop up in the press lately (or rather, again). The sensible responses are “no” and “which euro crisis?” Presumably, this burst of enthusiasm derives in part from Mario Draghi’s announcement to (sort of) commit to (sort of) unlimited bond purchases. But even if you [...] -
Blog
A Flock of Panics and Crises
For those who haven’t seen it already, US News and World Report did a brief piece a short while ago on Minsky’s approach to financial instability. After running through a list of recent financial panics and crises, Chris Gay notes that from a certain theoretical perspective, this wasn’t supposed to happen. “This sort of blood-curdling [...] -
Working Paper No. 731The Common Error of Common Sense
This paper takes the explanatory superiority of the integrated monetary approach for granted. It will be demonstrated that the accounting approach could do even better, provided it frees itself from theoretically ill-founded notions like GDP and other artifacts of the equilibrium approach. National accounting as such does not provide a model of the economy but […] -
Working Paper No. 731
Το κοινό λάθος της κοινής λογικής
Η εργασία αυτή θεωρεί δεδομένη την επεξηγηματική ανωτερότητα της ενοποιημένης νομισματικής προσέγγισης. Θα αποδείξει ότι η λογιστική προσέγγιση θα μπορούσε να προσφέρει ακόμα περισσότερα, με την προϋπόθεση ότι απελευθερώνεται από θεωρητικά αβάσιμες έννοιες όπως αυτήν του ΑΕΠ και άλλων τεχνημάτων της προσέγγισης της ισορροπίας. Η εθνική λογιστική, ως εκ τούτου, δεν παρέχει ένα μοντέλο της […] -
One-Pager No. 33
The Collapse of a Nation
As the Greek summer comes to an end, the predatory austerity policies of the second bailout plan are in full swing, while the fiscal consolidation program continues to run its wayward course. Overall, what was once a modern democratic polity is beginning to resemble a feudal state. As the government seeks a broad agreement on […] -
Blog
Do the Personal Characteristics of the Prime Minister Affect Economic Growth?
by Lekha Chakraborty India has recently turned to a debate over the effect of the Prime Minister’s personal characteristics on the country’s growth and development outcomes. Do political leaders’ personal characteristics affect economic growth? It is an elusive empirical question. One of the most robust findings of a recent treatment of this topic is that [...] -
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Eccles on How to End the Crisis
Marriner Eccles was Chairman of the Federal Reserve under President Franklin D. Roosevelt. This note consists of excerpts from an address he gave to the US Senate Committee on Finance in 1933, before he was called to Washington for public service by FDR. The original address contained in the Congressional Records has been reduced from [...] -
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Again, Unconventional Wins Out
Who would have expected extreme thinking from central bankers? That is the theme of some coverage in the financial press over the past few weeks. For example, the Financial Times takes note that “a growing chorus of economists is saying central banks should take more radical steps, including buying assets other than government bonds.” Some, [...] -
Press ReleaseLibor Rate Scandal Investigations Make Clear That Banks Are Too Big to Be Effectively Regulated, New Levy Study Argues
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Press Release
European Monetary Union Doomed by Flawed Structure That Separates Sovereign Currency from Fiscal Policy
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Blog
Fourth Annual Minsky Summer Seminar
The Levy Economics Institute of Bard College will hold its fourth annual Hyman P. Minsky Summer Seminar in June 2013. The Summer Seminar provides a rigorous discussion of both the theoretical and the applied aspects of Minsky’s economics, with an examination of meaningful prescriptive policies relevant to the current economic and financial crisis. It is [...]